SEGMENTS (Tables)

6 Months Ended

Nov. 28, 2021


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	November 28,		November 29,		November 28,		November 29,
(in millions)	2021		2020		2021		2020
Net sales
Global	$	516.7	$	475.9	$	1,017.9	$	923.4
Foodservice		313.9		241.1		635.3		477.8
Retail		142.6		140.7		275.1		294.6
Other		33.4		38.4		62.5		71.8
Total net sales		1,006.6		896.1		1,990.8		1,767.6
Product contribution margin (a)
Global		80.9		92.7		123.5		170.5
Foodservice		104.4		87.7		200.8		173.5
Retail		21.4		30.1		36.2		65.9
Other (b)		(6.2)		10.5		(12.8)		23.7
		200.5		221.0		347.7		433.6
Add: Advertising and promotion expenses (a)		5.0		2.5		9.1		3.7
Gross profit		205.5		223.5		356.8		437.3
Selling, general and administrative expenses		91.1		83.9		182.2		162.0
Income from operations		114.4		139.6		174.6		275.3
Interest expense, net (c)		82.4		30.0		110.3		60.3
Income tax expense		9.6		31.9		18.3		59.9
Equity method investment earnings		10.1		19.2		16.3		31.1
Net income	$	32.5	$	96.9	$	62.3	$	186.2

(a)	Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because those expenses are directly associated with segment performance.

(b)	The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments and realized settlements associated with commodity hedging contracts.

(c)

The thirteen and twenty-six weeks ended November 28, 2021, include a loss on the extinguishment of debt of $53.3 million, which includes an aggregate call premium of $39.6 million related to the redemption of the 2024 Notes and 2026 Notes, and the write-off of $13.7 million of previously unamortized debt issuance costs associated with those notes.